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Taiwanese tycoon challenges Buffett's investment

May 4, 2009 7:40 am | by ANNIE HUANG - Associated Press Writer - Associated Press | News | Comments

TAIPEI, Taiwan (AP) — A Taiwanese business tycoon has criticized U.S. investor Warren Buffett's decision to invest in a Chinese battery and car maker that faces a lawsuit accusing it of stealing trade secrets.Officials with Buffett's company, Berkshire Hathaway Inc., said they believe the...

Wells Fargo asked to raise money after stress test

May 4, 2009 7:19 am | by DANIEL WAGNER - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — Regulators have told Wells Fargo & Co. it may need to shore up its finances after government "stress tests" showed the bank would have trouble surviving a deeper recession.Wells Fargo is one of several banks that regulators said would need larger buffers to protect them against...

Judge OKs Chrysler financing over lenders' protest

May 4, 2009 7:09 am | by BREE FOWLER - AP Business Writers - Associated Press | News | Comments

NEW YORK (AP) — A bankruptcy judge on Monday gave Chrysler access to a crucial $4.5 billion to fund the carmaker's operations through the end of June, creating a "bridge" to the sale of the company's most valuable assets to Italy's Fiat Group SpA.Chrysler LLC won the interim approval for the...

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Court sends Janet Jackson case back for review

May 4, 2009 6:33 am | by The Associated Press | News | Comments

WASHINGTON (AP) — The Supreme Court on Monday ordered a federal appeals court to re-examine its ruling in favor of CBS Corp. in a legal fight over entertainer Janet Jackson's wardrobe malfunction.The high court on Monday directed the 3rd U.S. Circuit Court of Appeals in Philadelphia to consider...

Latest economic data suggests recession is easing

May 4, 2009 6:27 am | by MARTIN CRUTSINGER - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Evidence that housing is poised to improve and optimism about the results of banking "stress tests" raised hopes Monday that the recession is easing and helped lift a key stock market measure into the black for the year.Construction spending and pending home sales both fared...

Pending home sales up 3.2 percent in March

May 4, 2009 6:07 am | by ALAN ZIBEL - AP Real Estate Writer - Associated Press | News | Comments

WASHINGTON (AP) — There was another ray of hope Monday for the distressed housing market: the National Association of Realtors said the volume of signed contracts to buy previously occupied homes rose for the second month in a row.Homebuyers taking advantage of bargain prices, low interest rates...

GM retains adviser for Saturn sale

May 4, 2009 5:26 am | by The Associated Press | News | Comments

DETROIT (AP) — GM says it is retaining a former company adviser to help it review potential buyers for its Saturn brand. The automaker says several parties expressed interest in buying the brand and its dealerships.General Motors Corp. is hiring S.J. Girsky & Co. to manage the transaction. The firm...

DirecTV, Liberty Media detail spinoff plans

May 4, 2009 5:06 am | by DEBORAH YAO - AP Business Writer - Associated Press | News | Comments

DirecTV Group Inc., the nation's largest satellite TV provider, said Monday it will be combined with the entertainment unit of Liberty Media Corp. and spun off into a separately traded company.The deal will give DirecTV assets that would enhance the offerings of its satellite TV operations:...

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Filene's Basement files for Ch. 11 reorganization

May 4, 2009 5:01 am | by The Associated Press | News | Comments

WILMINGTON, Del. (AP) — Discount retailer Filene's Basement said Monday that it has filed to reorganize under Chapter 11 bankruptcy protection, less than two weeks after its new owner said it was reviewing "all available options."The privately held company, based in Burlington, Mass., and recently...

Tyson posts fiscal 2Q loss on some charges

May 4, 2009 4:05 am | by EMILY FREDRIX - AP Food Industry Writer - Associated Press | News | Comments

MILWAUKEE (AP) — Tyson Foods Inc. said Monday it lost more than expected in its fiscal second quarter because of declining beef sales and one-time costs, while the world's largest meat maker noted that it expects a drop in demand for pork amid worries about swine flu to be short-lived.The...

Estee Lauder 3Q profit falls 70 percent on charges

May 4, 2009 3:49 am | by BETSY VERECKEY - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Estee Lauder on Monday said its fiscal third-quarter profit slid 70 percent due to restructuring charges and weakness in the cosmetics company's travel retail business, as customer traffic in airports waned amid a sagging economy.But the results beat analysts' estimates, and Estee...

Buffett sees end to recession, uncertain on timing

May 4, 2009 3:44 am | by The Associated Press | News | Comments

WASHINGTON (AP) — Billionaire Warren Buffett says the latest recession really shook up Americans' confidence but he sees the economic slide ending.The head of Berkshire Hathaway Inc. said Monday that he can't predict how quickly the economy will improve. Economists say the recession began in...

Despite prepaid lift, Sprint Nextel loss widens

May 4, 2009 3:29 am | by DAVID TWIDDY - AP Business Writer - Associated Press | News | Comments

KANSAS CITY, Mo. (AP) — Despite a widening net loss, Sprint Nextel Corp. finally got some good news in its long recovery Monday, as a big surge in "prepaid" customers offset another nightmarish drop in valuable subscribers who sign annual contracts.Investors responded by sending shares of the...

Inmates vying for coal mining jobs in Appalachia

May 4, 2009 3:24 am | by ROGER ALFORD - Associated Press Writer - Associated Press | News | Comments

HARLAN, Ky. (AP) — Jerry Elliott hopes to trade his jail jumpsuit and slippers for a hardhat and work boots when he comes up for parole later this year.Mining is one of the few bright spots in Kentucky's otherwise dismal economy, and with coal prices high, officials have picked an unusual classroom...

Obama announces plan to close tax loopholes

May 4, 2009 3:18 am | by PHILIP ELLIOTT - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — President Barack Obama vowed to "detect and pursue" American tax evaders Monday as he announced a plan to close tax loopholes and clamp down on overseas shelters.The president said he wants to prevent U.S. companies from deferring tax payments by keeping profits in foreign...

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